Instructions- except as otherwise noted, all of the instances below are independent. C is a corporation...
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Instructions- except as otherwise noted, all of the instances below are independent. C is a corporation and P is a limited liability partnership. For each instance below, indicate: a. Amount of shareholder/partner recognized income/deduction/gain/ loss b. Type of shareholder/partner income/deduction/gain/loss (whatever is appropriate given the question) C. Either: C's end-of-year AE&P; or P's inside basis in assets is received; or the adjusted basis of the non- cash property, if any, received by the taxpayer-owner d. The shareholder's/partner's adjusted basis in his/her stock/partnership interest (whichever is appropriate given the question) 8 1. Justin and another person formed C. As part of the plan of organization, Justin contributed a building worth $150,000 with a basis of $12,500 and a mortgage of $39,000, which C assumed. Justin received 2,000 shares of C common stock and $25,000. The other shareholder contributed cash to C and received 700 shares. Provide answers for Justin only. Same as #1, except that the other shareholder contributed services, not cash. Provide answers for Justin only. Instructions- except as otherwise noted, all of the instances below are independent. C is a corporation and P is a limited liability partnership. For each instance below, indicate: a. Amount of shareholder/partner recognized income/deduction/gain/ loss b. Type of shareholder/partner income/deduction/gain/loss (whatever is appropriate given the question) C. Either: C's end-of-year AE&P; or P's inside basis in assets is received; or the adjusted basis of the non- cash property, if any, received by the taxpayer-owner d. The shareholder's/partner's adjusted basis in his/her stock/partnership interest (whichever is appropriate given the question) 8 1. Justin and another person formed C. As part of the plan of organization, Justin contributed a building worth $150,000 with a basis of $12,500 and a mortgage of $39,000, which C assumed. Justin received 2,000 shares of C common stock and $25,000. The other shareholder contributed cash to C and received 700 shares. Provide answers for Justin only. Same as #1, except that the other shareholder contributed services, not cash. Provide answers for Justin only.
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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